Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUE

v3.25.0.1
REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3

REVENUE

 

Disaggregation of Revenue

 

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments:

 

Revenue by Contract Type

(In thousands)

 

  Treatment     Services     Total     Treatment     Services     Total  
    Twelve Months Ended     Twelve Months Ended  
  December 31, 2024     December 31, 2023  
  Treatment     Services     Total     Treatment     Services     Total  
Fixed price   $ 34,953     $ 19,392     $ 54,345     $ 43,477     $ 41,540     $ 85,017  
Time and materials     —       4,772       4,772       —       4,718       4,718  
Total   $ 34,953     $ 24,164     $ 59,117     $ 43,477     $ 46,258     $ 89,735  

 

Revenue by generator

(In thousands)

 

  Treatment     Services     Total     Treatment     Services     Total  
    Twelve Months Ended     Twelve Months Ended  
  December 31, 2024     December 31, 2023  
  Treatment     Services     Total     Treatment     Services     Total  
Domestic government   $ 24,487     $ 22,389     $ 46,876     $ 31,448     $ 39,194     $ 70,642  
Domestic commercial     8,566       1,223       9,789       10,670       6,357       17,027  
Foreign government     509       463       972       1,001       619       1,620  
Foreign commercial     1,391       89       1,480       358       88       446  
Total   $ 34,953     $ 24,164     $ 59,117     $ 43,477     $ 46,258     $ 89,735  

 

Contract Balances

 

The timing of revenue recognition and billings can result in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payment from customers in advance of the completion of the Company’s performance obligation. The following table represents changes in our contract asset and contract liabilities balances for the periods noted:

 

(In thousands)   December 31, 2024     December 31, 2023    

Year-to-date

Change ($)

    

Year-to-date

Change (%)

  
Contract assets                                
Unbilled receivables - current   $ 4,990     $ 8,432     $ (3,442 )     (40.8 )%
                                 
Contract liabilities                                
Deferred revenue   $ 6,711     $ 6,815     $ (104 )     (1.5 )%

 

The reduction in unbilled receivables from 2023 to 2024 was primarily due to invoicing in 2024 of two large Services Segment projects that were primarily completed by the end of 2023.

 

(In thousands)   December 31, 2023     December 31, 2022     Year-to-date
Change ($)		     Year-to-date
Change (%)		  
Contract assets                                
Unbilled receivables - current   $ 8,432     $ 6,062     $ 2,370       39.1 %
                                 
Contract liabilities                                
Deferred revenue   $ 6,815     $ 4,813     $ 2,002       41.6 %

 

The increase in unbilled receivables from 2022 to 2023 resulted primarily from a large Services Segment project which was completed primarily by the end of 2023 and invoiced in 2024 as discussed above.

 

Deferred revenue as of December 31, 2023, included a remaining prepayment of approximately $2,031,000 by a certain customer for a waste treatment project which was completed in 2024.

 

During the twelve-months ended December 31, 2024, and 2023, the Company recognized revenue of $5,887,000 and $6,759,000, respectively, related to untreated waste that was in the Company’s control as of the beginning of each respective year. Revenue recognized in each period relates to performance obligations satisfied within the respective period.

 

Accounts Receivable

 

The following table represents changes in accounts receivable, net of credit losses, for the periods noted:

 

(In thousands)   December 31, 2024     December 31, 2023     Year-to-date
Change ($)		     Year-to-date
Change (%)		  
                         
Accounts Receivable (net)   $ 11,579     $ 9,722     $ 1,857       19.1 %

 

    December 31, 2023     December 31, 2022     Year-to-date
Change ($)		     Year-to-date
Change (%)		  
                         
Accounts Receivable (net)   $ 9,722     $ 9,364     $ 358       3.8 %